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Tcecarenko [31]
2 years ago
7

On June 30 (the end of the period), Brown Company has a credit balance of $2,185 in Allowance for Doubtful Accounts. An evaluati

on of accounts receivable indicates that the proper balance should be $28,305. Journalize the appropriate adjusting entry. If an amount box does not require an entry, leave it blank.
Business
2 answers:
asambeis [7]2 years ago
8 0

Answer:

Dr Bad debt expense 26,120

    Cr Allowance for uncollectible accounts 26,120

Explanation:

The allowance for uncollectible accounts represents the estimated amount of credit sales that the company doesn't expect to collect, i.e. bad debt. This account is a contra asset account that reduces the amount of accounts receivable, that is why it has a credit balance. It is not reported in the balance sheet, since only net accounts receivable is reported.

Bad debt expense is an expense account that must have a debit balance as any other expense account.

allowance for uncollectible accounts = $2,185 + $26,120 = $28,305

Olegator [25]2 years ago
7 0

Answer: The appropriate entry is journalized as follows:

                                                         Debit ($)                                   Credit ($)

Bad debt expense                            26,120

Allowance for doubtful accounts                                                       26,120

<em>(Being entries to record additional bad expense provision)</em>

Explanation: Bad debt expense is an estimate of the amount of accounts receivable that is deemed uncollectible meanwhile allowance for doubtful accounts is a balance sheet allowance account for bad debt and is usually deducted from the accounts receivable to show the actual amount of accounts receivable that is recoverable.

The $26,120 above was arrived at as the difference between $28,305 and $2,185.

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8. integrate.

It is a method whose primary objective is improving profit making by improving quality and efficiency standards. Project teams utilising this method want to reduce variability in processes by actively seeking out potential sources of waste especially in overtime and warranty claims.

They also investigate production backlogs or areas in need of more capacity and focus on customer and environmental issues.

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